[andrew_jdmSTi]

Hi Guys! Im new to the forum but currently own a JDM 2002 Subaru WRX STi in my native country! However, im studying in the USA now and i want to buy the same car here. Unfortunately, the USA never got the 2002 bug-eyed STi so im gonna settle for the WRX instead. I have seen 3 cars, a 2003 sonic yellow WRX with 44,000 miles on it, a 2003 silver WRX with 46,000 miles on it and a 2004 silver WRX with 66,000 miles on it! The problem im having is that both the 2003 WRX's have Loans/Liens against them with their current owners...what does this mean?!?! i really want to buy the sonic yellow WRX but not sure what the procedure is with the loan/lien...can u guys pls tell me what to do?!?!?! Or should i play it safe and buy the 2004 WRX instead?!?!?! Pls help im in a dilemma!!
P.S Is the mileage for any of these cars too high?

 

[kiger0183]

First off welcome! Secondly, a loan/lien just merely means they got a loan to buy the car (Like most people that buy cars) When you buy the car, your bank will pay off the sellers loan to receive the title of that car. From there, they will retain possession of the title until you completely pay off your loan. If in the case you sell the car before your loan is paid you would have a loan/lien against yours as well. More-or-less it's like a mortgage, (although some states you retain your deed) you just have a lien against that title until the mortgage is paid.

Good luck!

 

[jeffmm06]

the bugeyes have pretty low milage for there age, the 04 is about average. for the bug eye if there in good condition expect to pay 13-15k and the 04 could be 16-18k. good luck

 

[andrew_jdmSTi]

First off welcome! Secondly, a loan/lien just merely means they got a loan to buy the car (Like most people that buy cars) When you buy the car, your bank will pay off the sellers loan to receive the title of that car. From there, they will retain possession of the title until you completely pay off your loan. If in the case you sell the car before your loan is paid you would have a loan/lien against yours as well. More-or-less it's like a mortgage, (although some states you retain your deed) you just have a lien against that title until the mortgage is paid.

Good luck!

Thanks for ur replys guys! Ok the thing is im paying in Cash the full amount for these cars so say i want the 03 bugeye what does the seller have to do? i mean can he pay off the loan immediately and hand me the title or how does it work? Is this a huge process that i will have to put up with cos im really on a time constraint needing the car for work etc...so im not sure...thanks once again for ur thoughts dude...

 

[06wrx4me]

Thanks for ur replys guys! Ok the thing is im paying in Cash the full amount for these cars so say i want the 03 bugeye what does the seller have to do? i mean can he pay off the loan immediately and hand me the title or how does it work? Is this a huge process that i will have to put up with cos im really on a time constraint needing the car for work etc...so im not sure...thanks once again for ur thoughts dude...

1. You pay him for the car and get a bill of sale. You drive the car home. He pays off the loan and sends you the title.

or

2. You go to the financial institution that he has his loan through. Pay off his loan and they transfer title to you. Any extra cash in the deal gets then paid to the seller. (say he owed $10,000 and you bought it for $14,000, you owe him $4000). You drive car home its yours.

 

[infox]

most banks/credit unions will also let you fill out a form if you are going to sell a car to get the title first then give you something like 14-30 days to pay off the loan in full.